WALTHAM, Mass. — Mac-Gray, a national provider of laundry facilities management, has acquired the assets of Hof Service Co. for a cash purchase of approximately $43 million, subject to certain post-closing adjustments. Based in Beltsville, Md., Hof Service Co. serves multi-housing clients in Washington, D.C., Maryland and Virginia, in addition to being a distributor of commercial laundry equipment, serving the mid-Atlantic region. For the trailing 12 months ended March 31, 2007, Hof generated approximately $27 million in revenue.
“With more than 50 years of experience, Hof has a first-class reputation in laundry facilities management, and their long-standing dedication to customer service aligns closely with Mac-Gray’s values,” says Stewart G. MacDonald, Mac-Gray’s chairman and chief executive officer. “Hof’s client locations complement our existing footprint in the mid-Atlantic region and provide far greater density in those two key urban areas.” MacDonald adds.
“While this is an emotional and important event for our family, we nevertheless made the decision to sell to Mac-Gray because we knew that our employees, clients and customers would be in the best hands,” says Stanley Bobb, Hof CEO.
Due to its established position in the Washington and Baltimore markets, the organization will continue to operate under the Hof Laundry Systems name. Daryle Bobb will join Mac-Gray as a vice president and general manager in these markets.